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Lower metal and oil prices weighed down resource stocks, and at 12.30pm today the S&P/ASX200 index was down 44 points, while the All Ordinaries lost 43.
US stocks made their first gains in over a week on Tuesday, with a drop in oil prices and a gain in new home sales boosting investor confidence.
At close of trade, the Dow Jones Industrial Average was up 68 points, while the tech-heavy Nasdaq added 36.
In Asian trading today, Japan’s Nikkei was down 56 points at 12.30pm, while Hong Kong’s Hang Seng slipped eight.
Meanwhile, in ASX news property services group Programmed Maintenance Services today released full year results, reporting a 27 per cent year-on-year rise in net profit to $28.4 million.
The result beat the company’s own forecast.
Managing director Chris Sutherland said the figures, which include a 10 month contribution from the 2007-acquired Integrated Group, demonstrated the strength of the company’s business model and a strong demand for its skilled workforce across Australia.
The company also recommended shareholders reject a $500 million takeover bid from Spotless Group. Shares in Programmed rose almost three per cent this morning.
In other news, shares in Origin Energy have been placed in a trading halt, with the company set to make an announcement on Friday over BG Group’s $12 billion takeover bid.
The Australian power retailer is yet to make a recommendation to shareholders on the bid by the British gas producer.
Origin indicated that talks are continuing but hinted that BG may have to raise its bid to win board approval. Origin shares last traded at $14.60, 10 cents below BG Group’s offer price.
And on the economic front, Australia is set for a slowdown, according to a survey of economic activity released this morning.
The Westpac-Melbourne Institute leading index showed an annualised growth rate of 3.3 per cent in March – below the long-term rate of 4.4 per cent. The index has more than halved since last November, and it showed its lowest reading since March 2004.
In individual share price movements on the ASX today, resource stocks were the biggest drag on the market. At 12.30pm BHP Billiton was down $1.10, Fortescue Metals fell 27 cents, Rio Tinto lost $3.87, while Woodside Petroleum dropped $1.90.
Banking stocks were largely positive, though. ANZ was up 10 cents at 12.30pm, Commonwealth Bank put on 42 and National Australia Bank added 23 cents. Westpac bucked the trend, slipping five cents.
Other blue chips were fairly flat. AMP was down a cent at 12.30pm, News Corp added 18, Telstra slipped three cents, while Woolworths fell 11.
US stocks made their first gains in over a week on Tuesday, with a drop in oil prices and a gain in new home sales boosting investor confidence.
At close of trade, the Dow Jones Industrial Average was up 68 points, while the tech-heavy Nasdaq added 36.
In Asian trading today, Japan’s Nikkei was down 56 points at 12.30pm, while Hong Kong’s Hang Seng slipped eight.
Meanwhile, in ASX news property services group Programmed Maintenance Services today released full year results, reporting a 27 per cent year-on-year rise in net profit to $28.4 million.
The result beat the company’s own forecast.
Managing director Chris Sutherland said the figures, which include a 10 month contribution from the 2007-acquired Integrated Group, demonstrated the strength of the company’s business model and a strong demand for its skilled workforce across Australia.
The company also recommended shareholders reject a $500 million takeover bid from Spotless Group. Shares in Programmed rose almost three per cent this morning.
In other news, shares in Origin Energy have been placed in a trading halt, with the company set to make an announcement on Friday over BG Group’s $12 billion takeover bid.
The Australian power retailer is yet to make a recommendation to shareholders on the bid by the British gas producer.
Origin indicated that talks are continuing but hinted that BG may have to raise its bid to win board approval. Origin shares last traded at $14.60, 10 cents below BG Group’s offer price.
And on the economic front, Australia is set for a slowdown, according to a survey of economic activity released this morning.
The Westpac-Melbourne Institute leading index showed an annualised growth rate of 3.3 per cent in March – below the long-term rate of 4.4 per cent. The index has more than halved since last November, and it showed its lowest reading since March 2004.
In individual share price movements on the ASX today, resource stocks were the biggest drag on the market. At 12.30pm BHP Billiton was down $1.10, Fortescue Metals fell 27 cents, Rio Tinto lost $3.87, while Woodside Petroleum dropped $1.90.
Banking stocks were largely positive, though. ANZ was up 10 cents at 12.30pm, Commonwealth Bank put on 42 and National Australia Bank added 23 cents. Westpac bucked the trend, slipping five cents.
Other blue chips were fairly flat. AMP was down a cent at 12.30pm, News Corp added 18, Telstra slipped three cents, while Woolworths fell 11.
